Global IT security spending will extend up to $124 billion by 2019

The global enterprises are likely to spend more on their IT security services as per Gartner's new survey. According to Gartner's report, enterprises will increase their spending on information security services and products by 8.7 percent to reach $124 billion in 2019. It also states that the market will cross the amount of $114 billion in 2018, 12.4 percent up from the last year.

"Security Leaders are striving to help their organizations securely use technology platforms to become more competitive and drive growth for the business. Persisting skills shortages and regulatory changes like the EU's Global Data Protection Regulation (GDPR) are driving continued growth in the security services market," said Siddharth Deshpande, Research Director at Gartner.

The Gartner's survey revealed that the security risk, business needs, and industry changes are one of the major concerns that are driving the enterprises' spending. It also believes that privacy concerns will boost the spending by at least by 10 percent of market demand for security services through 2019 and will have an impact on the variety of segments such as Identity and Access Management (IAM), identity governance and Administration (IGA) and Data Loss Prevention (DLP).

As estimated by Gartner, more than 60 percent of the organizations will invest in multiple data security tools (data loss prevention, encryption, and data-centric audit) and protections tool which will be up to approximately 35 percent by the end of 2020. By the end of 2019, the total enterprise spending on security outsourcing services will be 75 percent of the spending on security software and hardware. The survey also shows that 30 percent of the organizations will spend on GDPR-related consulting and implementation services through 2019.

For more than 40 percent of the organization, the security services spending will be driven by the risk management and privacy concern within digital transformation initiative through 2020.

Services (subscription and managed) will represent at least 50 percent of security software delivery by 2020. Many enterprises have planned to deploy specific technologies, such as security information and event management (SIEM), in a hybrid deployment model in the next two years, as per the report.